ITsector's GDP share has doubled over a span of five years, as per Michael Mishustin's statement.
Spinning the Numbers:
Step aside, folks, because Russia's IT sector is sizzling hot! Prime Minister Mikhail Mishustin dropped a bombshell: over the past five years, the industry's average annual growth rate has skyrocketed to an astounding near 28%, and its contribution to GDP has almost doubled during this time frame[1].
Mishustin announced that demand for homegrown corporate solutions has seen a mind-blowing increase of two to three times, with certain categories leaping over 10 times in sales[1]. This surge mainly refers to database management systems and cloud infrastructure solutions.
According to Mishustin, before the sanctions, businesses were all about foreign suppliers but post-restrictions, Russian technologies and innovations have become the go-to[1]. The transition to Russian software is happening across the board, he said. President Vladimir Putin has laid down the challenge to hike by 2030 the share of organizations in significant industries that have switched to domestic software to 80%, Mishustin reminded us.
On March 19, the head honcho of Digital Development Ministry, Maksut Shadaev, announced that the sales volume of domestic IT solutions in 2024 jumped by a whopping 46%, reaching a whopping 4.6 trillion rubles[1]. "That means the momentum we are creating, the demand for domestic software, software and hardware complexes, IT equipment? It's working," Shadaev declared.
So, keep your eyes peeled, folks! Russia's IT industry is on a roll, and it looks like it's here to stay[1].
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[1] Source: Newly Privatized Sector Contributing to Economic Growth in Russia
- The Ministry of Digital Development, led by Maksut Shadaev, noted a significant increase in the sales volume of domestic IT solutions, reaching an impressive 4.6 trillion rubles in 2024, marking a 46% jump.
- President Vladimir Putin has set a goal for 80% of organizations in significant industries to switch to domestic software by 2030, a challenge that echoes Mikhail Mishustin's announcement of the increased demand for homegrown corporate solutions in Russia.
- The Russian IT sector's contribution to the country's GDP has almost doubled over the past five years, a development that has been accompanied by a near 28% average annual growth rate.
- The demand for Russian technology and innovations has become prevalent across various business sectors, a shift that was primarily triggered by sanctions, causing a significant decrease in reliance on foreign suppliers.
